Toronto Investment Board
The full agenda, as filed
All 7 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
IB14.1adopted
Personal Trading Policy - Toronto Investment Board
The Toronto Investment Board (Board) is required to review the Personal Trading Policy every two years. The Policy was last reviewed in 2023 and is due for review. There are no changes recommended by staff to the Policy at this time. As such, it is recommended that the Board adopt the Personal Trading Policy as described in Attachment 1 to this report. Board members will also be asked to sign the Annual Compliance Statement (Attachment 2) of this report once the policy is adopted.
The Toronto Investment Board: 1. Adopted the Personal Trading Policy for Board Members as described in Attachment 1 to the report (November 20, 2025) from the Director, Capital Markets.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board adopt the Personal Trading Policy for Board Members as described in Attachment 1 to this report.
IB14.2adopted
Sinking Fund and Long Term Fund - Performance and Compliance Update for the Third Quarter 2025
As required by the City's Investment Policy, the purpose of this report is to provide the Toronto Investment Board (Board) with the following: 1. The Sinking Fund and Long Term Fund performance for the third quarter of 2025. 2. Investment Policy and Plan Compliance check for the third quarter of 2025.
The Toronto Investment Board: 1. Received the report (November 22, 2025) from the Director, Capital Markets for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. Toronto Investment Board receive this report for information.
IB14.3adopted
Environmental, Social, and Governance Reporting Update
The service providers MSCI Inc. and its subsidiary company MSCI ESG Research LLC (MSCI) has been hired as the primary provider of Environmental, Social, and Governance (ESG) reporting over the last three years. The services provided by MSCI responds to a request by City Council, at its meetings in June 29 and June 30, 2020, to monitor and report on whether external investment firms hired by the Board are compliant with the terms of the Investment Policy with respect to ESG factors. Both MSCI products are being provided on a managed service basis whereby City staff provide portfolio information to MSCI via secured channels and MSCI generate reports on a portfolio and consolidated basis for the Long-Term Fund (LTF) and Sinking Fund (SF). Benchmark index information is also provided for comparison. The agreement with MSCI includes the MSCI Carbon Portfolio Analytics reporting package that is part of MSCI's Climate Lab Enterprise, a comprehensive set of climate data and analytics. Carbon Portfolio Analytics reporting from MSCI ESG Research helps investors understand, measure and manage carbon risk at the portfolio, sector and company level. The information from MSCI is proprietary and confidential. There are a number of identifiable individual companies and governments in their detailed reports. The agreement with MSCI allows for the viewing and use of the information on a confidential basis by a limited number of City staff, the Board and City Council. The contract does allow for the public use of general consolidated information on a limited basis. Portfolio holdings as at September 30, 2025 were submitted to MSCI in November 2025. Results were received as at the date of this report. Summary data is provided in this report and in Confidential Attachments 1, 2, 3 and 4. Reports provided by MSCI, such as the ESG Portfolio Summary and Carbon PA reports in Confidential Attachment 1, 2, 3, and 4 of this report, are provided to the Board on a quarterly basis. The reports provide a summary grade rating to each portfolio and several key metrics that assist the Board with evaluating the ESG performance of its portfolios. The service includes ESG reporting and metrics, technical and reporting support, and related software access. The three-year contract with MSCI that started on April 5, 2023, is set to expire on April 4, 2026. Through this report, authority is being sought to negotiate a contract and to retain the ESG services provided by, MSCI Inc. and MSCI ESG Research LLC, through a new three-year contract immediately following the end of the current contract.
The Toronto Investment Board: 1. Directed that the confidential information contained in Confidential Attachment 1, Confidential Attachment 2, Confidential Attachment 3, and Confidential Attachment 4 to the report (November 26, 2025) remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations. 2. Authorized the Director, Capital Markets to negotiate a contract to retain services provided by MSCI Inc. and MSCI ESG Research LLC to supply quarterly reporting and metrics for the purposes of assessing Environmental, Social, and Governance (ESG) performance in relation to the Board's investments, and to authorize the Chair or Vice-Chair of the Toronto Investment Board to execute an agreement with these service providers on behalf of the Toronto Investment Board.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board direct that the confidential information contained in Confidential Attachment 1, Confidential Attachment 2, Confidential Attachment 3, and Confidential Attachment 4 to this report (November 26, 2025) remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations. 2. The Toronto Investment Board authorize the Director, Capital Markets to negotiate a contract to retain services provided by MSCI inc. and MSCI ESG Research LLC to supply quarterly reporting and metrics for the purposes of assessing Environmental, Social, and Governance (ESG) performance in relation to the Board's investments, and to authorize the Chair or Vice-Chair of the Toronto Investment Board to execute an agreement with these service providers on behalf of the Toronto Investment Board.
IB14.4received
Presentations from Investment Managers
Presentations will be given by the following Investment Managers: - CBRE Investment Management - UBS Asset Management
The Toronto Investment Board: 1. Received this item for information.
IB14.5adopted
This report provides the Toronto Investment Board (Board) with a general update regarding investment managers and other related activities. It includes changes to the investment manager mandates, contracts, and most recent up-to-date fund balances. A presentation was received from CBRE on the proposed modernization of the CBRE Global Alpha Fund documentation as described in Confidential Attachment 1 to this report. An update of the most recent up-to-date fund balances is provided in Attachment 2 of this report. It includes the cash balance and a breakdown of the funds held by each investment manager for the of Long-Term Fund (LTF) and Sinking Fund (SF) as at October 31, 2025.
The Toronto Investment Board: 1. Directed that the confidential information contained in Confidential Attachment 1 to the report (November 27, 2025) remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations. 2. Authorized, after review by the external legal counsel and tax advisor, the Chair or the Vice Chair of the Investment Board to execute the necessary documentation for the CBRE Global Alpha Private Placement Memorandum (PPM) and Management Regulations on behalf of the Investment Board.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board direct that the confidential information contained in Confidential Attachment 1 to this report (November 27, 2025) remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations. 2. The Toronto Investment Board, after review by the external legal counsel and tax advisor, authorize the Chair or the Vice Chair of the Toronto Investment Board to execute the necessary documentation for the CBRE Global Alpha Private Placement Memorandum (PPM) and Management Regulations on behalf of the Toronto Investment Board.
IB14.6amended
The purpose of this report is to further the discussion of the Toronto Investment Board's ("Board") potential investment in the infrastructure asset class as part of the Real Assets category of the asset mix established in the Council adopted Investment Policy (Attachment 1). The investment consultant (Aon) will provide a presentation (Attachment 2) that provides further information in relation to investing in Infrastructure.
The Toronto Investment Board: 1. Received the report (November 28, 2025) from the Director, Capital Markets for information. 2. Requested the investment consultant (Aon), in consultation with the Director, Capital Markets, to proceed with a manager search and evaluation for the infrastructure asset class, within the guidelines of the Council-approved Investment Policy, and to report back with recommendations at the March 23, 2026 meeting of the Toronto Investment Board.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB14.7adopted
The purpose of this report is to update the Toronto Investment Board ("Board") regarding the risk and return profile of the current asset mix at the request of the Board.
The Toronto Investment Board: 1. Received the report (November 26, 2025) from the Director, Capital Markets for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.